June 2013

Here in Florida, we tend to think that we have the exclusive right to complain about Flood Insurance and the rising premiums that go with it.  Unfortunately, flood insurance and ever increasing premiums are a problem not only in other states, but in other countries as well.

For example, a recent article in the Tampa Tribune pointed out that payouts for flood insurance claims from a single event in Germany would soon top 4 billion dollars (not a misprint – that is billion with a “b”!)  Over the past week, heavy rains in Germany, the Czech Republic, Austria, Slovakia and Hungary have cause extensive overflows of the Elbe, Danube and other rivers throughout the area.  Insurance costs in Germany alone are estimated to run over 3 billion dollars. 

But those shocking facts are not even the real story.  The real story is that the total damage caused by this flood is estimated to be over 16 billion dollars!   Why the huge difference between the estimated insurance claim payouts and the total estimated damage?  The problem is that many residents have been unable to obtain insurance coverage for this hazard due to insurance companies refusing to issue such policies in the area.  Even those who might actually be able to obtain such coverage, were not able to purchase same due to the prohibitively high cost demanded by the insurance carriers! 

Unfortunately, the net result of this situation is that there are a lot of people out there with damaged or destroyed property (to the tune of 12 billion dollars!) and there will be no insurance or other funds available to assist them with the repair of their property or replacement of their personal items.  Although it may be impossible to see into the future, you can always prepare for the future.  Therefore, check your insurance policies today to make sure you have the appropriate amount and type of insurance.  Although your flood insurance premiums may seem high, the cost of such insurance pales in comparison to the cost of replacing your property and personal items.

Now that the hurricane season has officially begun, the prevention of wind damage should be on the forefront of every Floridian’s mind.  Although there is nothing we can do to prevent hurricanes or other storms from occurring, there are steps we can take to minimize the damage these storms cause to our homes and property.

The first step is to inspect your roof for any loose, damaged or missing shingles.   This pre-existing damage makes your roof more susceptible to damage once the storm winds begin.  While inspecting your roof, also check your attic for swollen wood or moisture that could indicate a leak in the roof.  Also check your windows and doors for maintenance issues and verify that the caulking to your windows and door jambs is in good condition.  These simple steps could save you thousands of dollars in damage repairs once the wind begins to blow and water starts looking for a way to get into your house and cause damage.

You should also check your property for dangerous looking limbs and branches.  Wind is Mother Nature’s way of pruning, so check trees on your property for potential hazards.  If any limbs are hanging over your home and looking as if they may be dead or damaged, these limbs should be removed immediately in order to avoid wind damage.

The Beaufort Wind Scale, as set forth by the University of North Carolina, has set forth the following guidelines for the damage expected to be caused by the following wind speeds:

39 MPH – Gale force winds; twigs and small branches blown off trees.

47 MPH – Strong gale force winds; minor structural damage may occur, such as shingles blown off roof.

55 MPH – Storm winds; trees can be uprooted and structural damage is likely.

64 MPH – Violent storm; widespread damage to structures.

74 MPH+ – Hurricane force winds.

As indicated by the guidelines above, even a minor wind storm can cause a substantial amount of damage to your home and property.  Although our firm stands ready to assist Florida property owners with any wind damage insurance claims they may have, an ounce of prevention is worth a pound of cure and the performance of a few pre-emptive steps may help to prevent headaches from wind damage down the road.